The cryptocurrency has not been able to break the resistance at $72.9 on the 23.6% Fibonacci retracement after seven attempts in the last 21 trading sessions. The price is currently below the short and long-term moving averages, suggesting that the price will continue to move downwards. We see the price moving sideways and the consolidation phase is likely to continue in the short term.
The Bollinger bands are starting to open slowly after they shrank aggressively at the end of May. The pair trades closer to the lower band, suggesting that the price is relatively low. We set the support level at $61.6 and if the price is able to break the support we would expect the price to continue falling.
The relative strength index is at 37% which would potentially allow the price to fall a few points before entering an oversold status. Our parabolic SAR indicator suggests that the price could start an uptrend soon.
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